Title
Approving the host issuance by the City of Mendota of one or more series of conduit revenue bonds, approving a Bond Compliance and Fee Agreement, and authorizing the execution of documents relating thereto, all for the Hourcar Project located at 206 Wabasha Street (District 3, Ward 2).
Body
Whereas, the City of Saint Paul, Minnesota (the “City”) is a municipal corporation and a political subdivision created and existing under the laws of the State of Minnesota and its City Charter, and the Mayor and Council of the City (the “Governing Body”) are the elected governing officials of the City; and
Whereas, Hourcar (the “Borrower”), a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), has proposed that the City of Mendota, Minnesota, a municipal corporation and a political subdivision created and existing under the laws of the State of Minnesota (the “Issuer”) issue its revenue obligations, in one or more series, in a principal amount not to exceed $1,050,000 (the “Bonds”) pursuant to Minnesota Statutes, Sections 469.152 through 469.165, as amended (the “Act”), to (i) finance the acquisition of, and certain improvements to, the automotive and repair facilities, located at 206 Wabasha Street South in the City, to be owned and operated by the Borrower, and (ii) pay the costs of issuing the Bonds (the "Project"); and
Whereas, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue obligations to finance the acquisition or improvement of property located outside of the corporate boundaries of such municipality if the governing body of the city in which the property is located consents by resolution to the issuance of such obligations; and
Whereas, the City has been advised that the Bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City or the Issuer. The Bonds or other ob...
Click here for full text